What is Property Management System?
A Property Management System (PMS) is a system created and maintained that act as an intermediator between owner and customer to set up day to day activities and scheduling of tasks in an organized manner for any particular Business.
A Property Management System is responsible for carrying out any business meetings & security of data & information held within. Property Management Systems were previously traditionally associated with Hotels & Restaurants for management of legal and financial issues but today they are used in almost every sector including Home rentals, Hotels, Vacation Trips, Real State, Business Buildings, Age Care Facilities and much more.
Why Property Management System?
Property Management System enables you to monitor all your properties, activities and takes control over your business through a single system. Now you don’t have to personally take care of everything yourselves. Just sit back and watch the show. It is an easier way of modern management.
8 Functions of a Good Property Management System
Property Management Systems should be able to perform far cry tasks than any normal system. Here are few features of a good Property Management System:
- Transaction Management
A Transaction Manager is a part of PMS that controls the coordinates of all transactions. Transactions might include sales, purchases, receipts, and payments. A Transaction Manager is also responsible for rent management, fund transfer and applied tax.
- Lease Management
Lease Management simplifies property management in a farther extent. It enhances the complete workflow, planning and future upgrades of a system. With lease management owners now don’t have worry about vacant properties, rents and tenants.
- Repair & Maintenance
Repair & Maintenance is one of the major features of a Property Management System. Problems are likely to occur in every business but there always should be a backup plan to recover from such issues. A proper & complete PMS always provides repair and maintenance services either physical or logical 24/7. A system without 24/7 repair and maintenance service is a system without heart. Further Pests and insects can cause harmful diseases around the property. An effective pest control mechanism must be implemented.
A cloud-based data storage and security system is what gives PMS a trust. A PMS must be able to keep all the information inside a high-security chamber only accessible by the classified personals. At Property Care Online, we provide one of the best cloud-based storage systems in Nepal.
- Online Payments
A Property Management System (PMS) should provide users with a service of online payments for easy transaction. Online payment methods include payments via Paypal, Bank transactions, eSewa, etc.
- Accounting Services
Record tracking is always a major problem in online systems. A perfect system might not exist but a PMS must be able to perform all accounting services including balance reconciliation, labor cost management, balance sheet maintenance, expenses tracking, tax and financial records, etc. At Property Care Online (PCO) we tend to provide with all these services with proper maintenance.
- Property Inspection
A proper inspection of the property, its assets, and the relevancy are as important as anything in a Property Management System. Inspection of any suspicious and unusual activities must be carried out in a regular way for security purposes. A PMS should be able to detect anything unusual activities within the system and solve it as its soonest for prevention from any future failures and frauds.
- Digital Reach/Identity
Every business need to be online in today’s digital world. A business without a digital reach is a business unknown. A properly managed PMS should help in promoting a business via its portal in digital world. More the promotion, more the reach & more the users. Fair deal. An online identity helps in making a unique brand of itself for the growing market.
The above mentioned are the few features of a good Property Management System. At Property Care Online (Supported by Podamibe Nepal), we will take care of all your property jobs related to buildings, eCommerce, Malls, Shopping complex & much more from a single system which you can operate from any place.